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Preparing for Future Pandemics: Stress Tests and Wargames

Author

Listed:
  • Frank Milne

    (Queen's University)

  • David Longworth

Abstract

There is an important interdependence between economic, financial and health policy actions. The recent Covid-19 crisis has demonstrated that, apart from the direct economic consequences from illness and death from the virus, the main economic and financial costs have been due to the varying degrees of preventative measures taken by the public, firms, and governments that directly impacted economic and financial activity. This paper proposes the use of regular, combined medical, economic and financial stress tests and wargames in preparing for future pandemics and other major environmental shocks.

Suggested Citation

  • Frank Milne & David Longworth, 2020. "Preparing for Future Pandemics: Stress Tests and Wargames," Working Paper 1437, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:1437
    as

    Download full text from publisher

    File URL: https://www.econ.queensu.ca/sites/econ.queensu.ca/files/wpaper/qed_wp_1437.pdf
    File Function: First version 2020
    Download Restriction: no
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    References listed on IDEAS

    as
    1. Glenn Ellison, 2020. "Implications of Heterogeneous SIR Models for Analyses of COVID-19," NBER Working Papers 27373, National Bureau of Economic Research, Inc.
    2. Frank Milne, 2008. "Anatomy of the Credit Crisis: The role of Faulty Risk Management Systems," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 269, July.
    3. repec:ucp:bkecon:9780226081946 is not listed on IDEAS
    4. Charles Beach & Frank Milne, 2019. "Ontario Post-Secondary Education Funding Policies: Perverse Incentives and Unintended Consequences," Working Paper 1424, Economics Department, Queen's University.
    5. Nicholas Le Pan, 2016. "Fault Lines: Earthquakes, Insurance, and Systemic Financial Risk," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 454, August.
    Full references (including those not matched with items on IDEAS)

    Citations

    RePEc Biblio mentions

    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Preparation > Crisis management

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    Cited by:

    1. Frank Milne & David Longworth, 2020. "Covid-19 and the Lack of Public Health and Government Preparation," Working Paper 1436, Economics Department, Queen's University.

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    More about this item

    Keywords

    Covid-19; Government Policy; Wargames; Stress Tests; Banking; Monetary Policy;
    All these keywords.

    JEL classification:

    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H51 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Health
    • H84 - Public Economics - - Miscellaneous Issues - - - Disaster Aid
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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